Reports

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Venture Capital Funding Quarterly

Alternative Energy • Clean Technology • Energy • Environmental

2009, 2nd Quarter - United States

Published by: VentureDeal

Summary

During the second quarter of 2009, a total of 38 companies received $457 million in new venture capital financing, representing a 3% increase in the number of companies being funded and a 20% increase in the total amount funded to the four sectors of Alternative Energy, Clean Tech, Energy and Environmental.

Clean Technology companies showed the largest deal funding volume percentage increase of the four categories, with a 287% increase quarter over quarter. The Alternative Energy sector showed a modest decrease, with a 4% decrease in amounts funded. Energy funding amounts were up significantly, with a 51% increase and the number of companies funded increasing sharply by 88%.


Funding Activity

Alternative Energy

Alternative Energy companies, which usually include solar, biofuels, wind power, hydrogen and other non-fossil fuel energy developers, continued to receive the largest share of funding of the four industry sectors. 16 companies received $244 million in venture capital financing, which represented a 27% decrease in the number of companies being funded and a 4% funding reduction versus the first quarter of 2009.

Two solar companies funded during the quarter accounted for nearly 50% of the entire sector funding. CaliSolar raised $60 million from both private equity and venture capital investors. The company is a photovoltaic cell company that markets its products to the largest solar installations in the industry. Solazyme secured $57 million from a syndicate of investors for its technology that harnesses photosynthetic microbes to develop sunlight driven biochemical pathways.

In the wind energy space, Southwest Windpower garnered $10 million from a syndicate that included corporate investors. The company said it would use the funding proceeds to help it expand into new markets.

Alternative Energy companies, which usually include solar, biofuels, wind power, hydrogen and other non-fossil fuel energy developers, continued to receive the largest share of funding of the four industry sectors. 22 companies received $253 million in venture capital financing, which represented a 31% decrease in the number of companies being funded and a 38% funding reduction versus the fourth quarter of 2008.

Thin film solar company OptiSolar, based in Hayward, California, raised $30 million during the quarter from private equity firm Richardson Capital. The company is developing thin-film systems in its goal to make solar energy competitive with existing energy costs.

In the wind energy space, Invenergy also received $30 million in a new funding round, from corporate investor Clean Leaf Energy. Invenergy said it would use the funding proceeds to support the growth of its sales and marketing efforts worldwide.

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